Mobile banking firm Varo Money has selected financial crime, risk and compliance solutions provider NICE Actimize to advance anti-money laundering (AML) protections.


Image: Varo Money has selected NICE Actimize’s platform for anti-money laundering protections. Photo: courtesy of mapichai /

Varo Money will use NICE Actimize’s financial crime strategy for anti-money laundering protections, including AML/KYC requirements, sanctions screening and transaction monitoring capabilities.

NICE Actimize CEO Craig Costigan said: “Varo Money is clearly innovating in the mobile banking space, and we are proud to have been selected by the Varo team to lead its anti-money laundering initiatives with our Essentials anti-money laundering solutions.”

The banking firm will implement NICE Actimize’s AML Essentials software-as-a-service (SaaS) solution to meet end-to-end anti-money laundering detection requirements.

The SaaS solution includes multiple best-of-breed modules, which detect and monitor a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering, and Suspicious Activity Report (SAR) filings.

Varo said that it is working to become the first mobile-centric national bank in the US and its mission is to help its customers improve their financial health and save more money.

In August 2018, Varo secured a preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter.

Varo Money co-founder and CEO Colin Walsh said: “Varo offers mobile banking services to customers that come with the highest standards of consumer protection.

“Helping our customers improve their financial health is core to our mission, and that includes keeping all aspects of their banking safe and secure.”

Based in San Francisco and Utah, Varo Money provides no-cost premium bank accounts and high-interest savings accounts in one mobile app via The Bancorp Bank.

NICE Actimize provides financial crime, risk and compliance solutions for regional and global financial institution, in addition to government regulators.

NICE Actimize deploys an advanced technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance.

The firm offers real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions to deal with payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading.